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Markets

Wheat, corn seen steady-higher, soybeans up 1-5 cents

Unfavorable crop weather in rival exporters like Ukraine and Australia have recently supported wheat prices. T
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  • Unfavorable crop weather in rival exporters like Ukraine and Australia have recently supported wheat prices.
  • Traders continue to wait for details on the Phase 1 trade agreement between Washington and Beijing and to hope for increased Chinese demand for US farm goods.
  • The US Department of Agriculture's monthly oilseed crushings report is expected to show 5.277 million short tons, or 175.9 million bushels.

CHICAGO: Following are US trade expectations for the opening of grain and soy complex trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CST (1430 GMT) on Thursday.

Markets were closed on Wednesday for New Year's Day.

WHEAT - Steady to up 3 cents

Unfavorable crop weather in rival exporters like Ukraine and Australia have recently supported wheat prices, along with expectations for increased Chinese buying of US crops following an initial trade deal.

The market is "due some consolidation although setbacks should be well supported," CHS Hedging said in a note.

The most actively traded CBOT wheat contract on Monday reached its highest price since August 2018.

CORN - Steady to up 2 cents

There is a lack of fresh fundamental news, traders said.

Traders continue to wait for details on the Phase 1 trade agreement between Washington and Beijing and to hope for increased Chinese demand for US farm goods.

CBOT March corn may break a support at $3.86-1/2 per bushel and fall toward $3.80-1/2, according to a technical analysis.

The most-active contract on Monday reached its highest price since Oct. 22.

SOYBEANS - Up 1 to 5 cents

Oilseed prices are supported by a rally in Malaysian palm oil, traders said. Palm oil futures rose over 1% on the first trading day of the year, after nearing a three-year high at the end of 2019.

US President Donald Trump said on Tuesday he would sign the initial trade deal with China, the world's top soybean importer, on Jan. 15.

China eased customs regulations on soybean imports through some northern border checkpoints, the commerce ministry said, a move that could smooth the way for shipments from Kazakhstan, Russia and perhaps Ukraine.

The US Department of Agriculture's monthly oilseed crushings report is expected to show 5.277 million short tons, or 175.9 million bushels, of soybeans were processed in November. The report is due at 2 p.m. CST (2000 GMT) on Thursday.

A total of 597 deliveries were posted against the January soybean contract on Tuesday.

Most-active soybeans on Tuesday set the highest price since June 2018.